Gazprom division gets delay for Nord Stream 2 debt restructuring

Gazprom division gets delay for Nord Stream 2 debt restructuring


Photo: ANP

The Swiss-based unit of Russian state gas company Gazprom, which built the Nord Stream 2 gas pipeline from Russia to Germany, has been given more time to restructure its debt.

Part now until January 10, 2023 to put things in order. The actual deadline expired on September 10.

The $11 billion gas pipeline was completed last year. With Nord Stream 2, the capacity to pump gas from Russia to Germany has doubled. The project was controversial from the start because it would strengthen Russia’s energy grip on Europe. Also, Nord Stream 2 could cause Ukraine to lose revenue from transiting Russian gas, because the gas pipeline runs through the Baltic Sea.

In February, Germany halted the pipeline permit process after severing ties with Moscow in the run-up to the Russian invasion of Ukraine. The United States imposed sanctions on Nord Stream 2, leaving the company in financial trouble.

Earlier, the Switzerland-based company canceled all contracts with employees due to US sanctions. As a result, more than 100 people lost their jobs.

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